Mixed-Use
For Sale
$1,000,000
735 Ritzema Court SW, Grand Rapids, MI 49503
Built in 1975, the building contains a substantial amount of interior space.
Property Size6,449 SF
Price / SF$155.06
Days on Market23
Property Features for 735 Ritzema Court SW
General Information
Standard status
Active
Size
6,449 SF
Property subtype
Commercial
Site & Location
Neighborhood
Roosevelt Park
Building Details
Year Built
1975
Listing Agency:
Coldwell Banker Woodland Schmidt
(616) 396-5221
Listed By:
Leo Barajas · License #6506041738
(616) 218-7718
Source:
Goodhomemi
Added: Oct 7
Changed: Oct 28
Last Checked: Oct 28 at 6:07AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Woodland Schmidt
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Investment Insights
Based on property information with market context.
This mixed-use property in Grand Rapids, Michigan, contains 6,449 square feet. The building was constructed in 1975 and is located at 735 Ritzema Court SW.
Key Highlights
- 6,449 square feet of building area
- Built in 1975
- Located at 735 Ritzema Court SW in Grand Rapids, Michigan
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,197
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,423,940
$1.4M
Cap Rate 7%
$1,017,100
$1.0M
Cap Rate 9%
$791,078
$791.1K
Market Conditions
NOI Build-Up for 6,449 SF
Gross rent
$123.8K $19.20/SF
− Vacancy
−$9.9K −$1.54/SF
EGI
$113.9K $17.66/SF
− OpEx
−$42.7K −$6.62/SF
NOI
$71.2K $11.04/SF
Area
Grand Rapids, MI
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,423,940
Cap Rate 7%
$1,017,100
Cap Rate 9%
$791,078
Alternative Uses
Best Use
Mixed Use
$1.02M
$890.0K – $1.19M
NOI $71,197 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.50M
$1.31M – $1.75M
NOI $104,764 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
649
Businesses Nearby
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Business Placement
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Built in 1975, the building contains a substantial amount of interior space.
Where is this mixed-use property located?
The property is located at 735 Ritzema Court SW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 6,449 square feet of building area; Built in 1975; Located at 735 Ritzema Court SW in Grand Rapids, Michigan
